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COP28: implementation of the loss and damage fund

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Magazine Issue: 
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Magazine date: 
Dec 2023

COP28The "loss and damage" fund, designed to support countries vulnerable to natural disasters, is now operational.

These were the words of Sultan Al Jaber, President of the United Nations Climate Change Conference (COP28), taking place from 30 November to 12 December 2023 in Dubai, United Arab Emirates.

The establishment of the compensation fund was approved in November 2022 at COP27 [4], which was held in Egypt. It is intended to provide financial assistance to countries with a high exposure to climate change, and to help them mitigate this type of risk.

Several countries have already started to contribute to the fund:

  • United Arab Emirates: 100 million USD
  • Germany: 100 million USD
  • United Kingdom: 40 million GBP (51 million USD)
  • United States: 17.5 million USD
  • Japan: 10 million USD

Other countries, including China and Saudi Arabia, are expected to inject capital into the new fund.

Mon, 04/12/2023 - 16:34

Source URL: https://www.atlas-mag.net/en/category/pays/emirats-arabes-unis/cop28-implementation-of-the-loss-and-damage-fund

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